Finance committee  Thank you for the question. All prudential matters fall under the jurisdiction of the Office of the Superintendent of Financial Institutions. We focus on financial consumers.

Finance committee  Thank you for the question. I'm actually not sure of that. I would expect it to be defined within the policy. We'll have to defer that question to the Department of Finance because it's beyond the scope of FCAC and the financial consumer aspect.

Finance committee  Thank you for the question. The budget was announced on April 16, and I was given a call on April 15.

Finance committee  Thank you for the question. What I meant to say was that the collaboration that is now taking place for the next stage of accreditation is taking place with the provinces and the Department of Finance to identify the specific rules for all enterprises that are going to be engaging in the framework.

Finance committee  Thank you for the question. The issue of the provincial-federal relations is under the purview of the Department of Finance, so I would defer that question to them.

Finance committee  Thank you for the question. The specific issues of accreditation are still being finalized, and the consultations are taking place with the provinces. Our expectation, based on the current framework that was published, was that we would be the accreditation authority, including those entities that opt in.

Finance committee  Thank you for the question. Once again, that continues to be part of the ongoing consultations that are taking place between the Department of Finance and the provinces, so those decisions haven't been made available to us.

Finance committee  Thank you for the question. Once again, those details of the policies and the legislation are under the purview of the Department of Finance.

Finance committee  Thank you for the question. The decision came from government. The Minister of Finance and the Department of Finance chose us to be the regulator.

Finance committee  Thank you for the question. Currently, we don't have a lot of experience in cybersecurity ourselves, but certainly we will be developing that as part of our regulatory function and through the accreditation process. Right now, if there are any cybersecurity issues within the financial system, OSFI plays a role in that and we participate as a financial partner.

Finance committee  Thank you for the question. Currently, under the framework, the provincially regulated entities can opt in. They're not subject to our own market conduct activities. That's why we're creating a completely new entity under the senior deputy commissioner for consumer-driven banking.

Finance committee  We actually see business-to-business being a nexus to the financial consumer as well, because one of the benefits of consumer-driven banking is that consumers will have a safe and secure way to have their data transferred. As we create a framework that allows business-to-business to share the data, they'll become accredited.

Finance committee  The next phase is to continue with the elements of identifying the accreditation standards, the liability issues of privacy and the security issues. We will be supporting the Department of Finance in these consultations with industries and applicable stakeholders.

Finance committee  It's too early in that stage.... I need to see the rest of the legislation on how that will impact. I don't have insight into what that will be in order to give you an opinion on that.

Finance committee  My understanding is that there's a large part of the AMP section that is just to have penalties that are very similar to the Bank Act's, especially for companies that are misrepresenting themselves. I think there is an advantage to protecting financial consumers by having these potential penalties at the outset to ensure there's proper behaviour.